Pricing

Chicago-based RCP is investing its sophomore secondaries fund, which closed on $425m last year.

Edinburgh-based SL Capital has deployed one third of its maiden secondaries fund, which closed on $190m in February.

San Francisco-based Akkadian Ventures closed its third direct secondaries fund on $74m in October.

Details that emerged this week around Montana’s recent secondaries sales make clear why other US public pensions are increasingly following suit.

Interests in large US buyout funds are the most expensive secondaries trades this year, according to Triago.

The use of leverage in the secondaries market has helped drive pricing and deal volume, but not all investors use the same type of leverage, explains Sunaina Sinha, founder of Cebile Capital.

Landmark estimates $64bn of dry powder for secondaries – not that much in the scheme of things, but a great deal more might not be healthy either.

Brand name secondaries funds are driving up prices in Asia, according to a memo from UK law firm King & Wood Mallesons SJ Berwin.

Ardian has invested an eye-catching $8bn on secondaries deals in the past year – and could possibly prove that high prices won’t prevent GPs from finding value for investors.